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. gerri: yourself included. look at delta 2015 sky miles program, excluding taxes and fees that is important exclusion, my friend. here is what you're looking at the a miles per dollar are five. people get the biggest bang for your buck, obviously diamond medallion flyer. if you're a super-duper flyer maybe you're okay. >> maybe you're okay. you don't now because they might jack up award levels more. even throwing a few crumbs here, if they increase the amount of miles to redeem by 100% you're not really coming out ahead. gerri: once you back out taxes and fees, everything else, come on are you taking a 50% hit? are you taking 25% hit. >>> in u.s. taxes and fees are not too much -- gerri: but your viewpoint. i know lot of people aren't too happy about them. >> government fees are usually $5 on domestic ticket. it is really international. fuel surcharges and flying through london you will see 350-dollar fees on tickets. none of that counts towards earning miles. it is a lot less than people think. gerri: a lot of people will defend this saying, it is a tough business out th
tax revenues from aliens hidden overseas. i don't buy their narrative. the american people shouldn't darsha the department of justice mr. cole. i ask you to keep in mind in use already available legal tools at your disposal rather than relying upon the treaty process. so i guess my first question mr. cole is niche or even if the senate ratifies the 2009 protocol to amend the convention between our two countries for the avoidance of double taxation the justice department will be no closer to obtaining information from noncompliant bank accounts close prior to 2009? >> senator that's true. the 2009 treaty only applies to matters and situations after the september 2009 time that it was put into place. >> so basically never certainly in the way we are urging information about noncompliant tank accounts that were close prior to 2009. >> i don't think that's necessarily the case. >> how do you do that then? >> the program we have is going to require that hanks even prior to 2009 go back into 2008 and provide us with the information about accounts that will enable us to make much more eff
. the house ways and means chairman dave camp. he wants to blow up the tax code. not everybody likes that. >> he is getting it from all sides. he unveiled his plan yesterday. this is a more than 900 page effort. they want to totally overhaul the tax code. he is under fire from big banks. he even takes on the nfl. they have a tax exempt status. he is defending his plan amongst criticism from republicans and democrats that aspects of this go too far. to simplifye have and get lower rates, we can grow the economy by 20%. if we get 20% growth, that will translate to almost 2 million jobs. economy is the number one issue facing americans. americans want to do something about it. this proposal is one way to do something about it. >> the argument from critics is that it may be true controversial for those who would otherwise support it. he will pushs that forward on it and start the conversation. >> is dave camp running for reelection? >> he is running for reelection. who hashis is someone been a serious lawmaker for a long time. people were waiting for this proposal. she will wait what happens
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suisse today after a senate board accused the bank for helping americans evade millions in taxes. helping hide as as it is from the government. so far the government has learned of 228 account holders. credit suisse agreed to pay a fine for violating u.s. securities laws. mike viqueira on capitol hill, there were sharp exchanges in that senate banking sub committee hearing room today. >> reporter: you're absolutely right because that investigative committee of the united states senate spent a lot of years looking into the swiss banks, sending billions of dollars into secret accounts to try to aprovide paying taxes here in u.s. it appears certain suisse bankers have nothing--james bond has nothing on suisse bankers. >> reporter: it's the stuff of countless spy novels by some senators say it's all too real. as much as $12 billion hidden away in suisse bank accounts. all secret, none of it legal, none of it taxed. top officials of credit suisse, called before a senate panel accused in a congressional report of helping 19,000 u.s. customers evade taxes through hidden accounts and ov
of the most outrageous tax loophole in america. will he actually do it this year? jeanne moos shows us the latest workout trend. >> nice job, nice job. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. make a my financial priorities appointment today. she loves a lot of it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical
with phil mattingly. he has details on the senate cost offshore tax evasion hearing. what was the primary defense today? >> he was more than willing to acknowledge that a small number of credit suisse bankers went above and beyond to help u.s. citizens of the taxes. senior management was deeply regretful for those actions. they said that they were on a pathway to reforming themselves. they work to try to change that. that was not enough for the senate chairman. take a listen. >> you do not want to be in the purely business that dirty business of helping u.s. clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear frommittee will top justice department of
care. irs telling people they will face shared responsibility tax. melissa francis is here to talk about all of. that how are you. good day to you. what is the warning from the white house? >> they want you to know when you file your tax return next year they will look back at this year starting in january and wanting to make sure that everyone has had insurance every month and if not, you are going to face a penalty when you file your tax return. and you think you are safe, there is a lot of confusion and didn't have insurance, they want you to know that you will face a penalty for the january month that went by? >> what is the penalty. one percent of the house hold or 95 per dult plus 47.50 up to $285. which ever is higher that is going to pay. over time it is going up to 2.5 percent of the adjusted gross income or 2085 which is higher? >> and some people call it a tax. no, no. it is not a nice word. you don't like tax. it is shared responsibility payment. it is your responsibility and mine and theires is going to help you share your dollars with the rest of the country. so now t
and a entertain our businesses as and transform from a payroll tax to another tax system and low encourage job creation. he will be asked to step out of the traditional you've got to get it done and how do we help you do get under and city maintain and create jobs in the city. i'm here to say thank you jose to really let everybody you know how appreciative i've been 0 o and lucky to have you as a leader in our financial literacy captain. ooip i've been lucky to inherit a movement gavin was there before me and a visionary and i still get his council as he goes across california doing great things in education. gavin i say thank you that f in your new really as lieutenant governor everything we've accomplished we get a national and state audience because of the work you've done. with that our visiony and former mayor now lieutenant governor gavin newsom. >> (clapping.) >> thank you. obviously, we have the same speech writer i have nothing else to say about jose wonderful work and thank you for covering the base is. i ran over to college and wondered what happened to terminate limits that's bee
battle over reigning in. preventing the tax agency to ask groups specifically for their political, religious or social beliefs. instead the administration actually wants to expand the irs' ctrol over those kind of organizations. shld we rein in the power or give it more? let's go in focus. steve, do we really want to give the irs even more power? >> no. we should be giving it less. they are engaged in suppression, coverup and engaged in trying to make sure that groups don't go against the democrats in 2014 and 2012. brazenly after being found out of doing suppression in 2012, they are now putting in former regulations, 100,000 came in against the regs, including liberal groups like the aclu. republicans can use it against them shday. >> that's a good point. even the ac is against that. >> i don't think that's what these regulationsre about. look, if you want to -- accolish a 501 (c) status, i don't think it is appropriate. anybody that's welcomed to give money to a political group, political groups are not being squelched in any way. the difference is that will th donors be discl
billion he is proposing is ming from reforming the corporate tax code. if you want to fill the highway trust fund, you have to raise taxes on goline period. and he won't talk about it. democrats won't talk about it. body will. those ar the only truly honest way to p for fixinghe road. >> i think she kind of buried the story there. she is talking about the money getting it from revamping corporate tax reform. but that, inherent in that argument is that you can get revenue cutting taxes. so i think what he is saying here, i'm already prespending that. but i wish he would sort of acknowledge that budg-wide, just cut tacks. >> not only that, he should explain $300 billion, we are talking billion. i thought i saw million for a second. become, even that's not enough. do you realize that? you can spend $800 billion, and that's not going to jump start the economy in a meangful way when the government starts to direct the projects. the best way is give businesses assurance they won't be tax deduct and they won't get crushed on regulation. $800 billion stimulus package was needed. what wasn't ne
be forming. to get you on something that alslso we flex everyone in this region, taxes. we saw the b big masass of almot 100000-page tax land rolled outy the ways and means cmittee chairman. evererybody knows it inot going to pass, but it has som interesting ideas. take apart the tax plan.n. whatat is the good, the bad, and e ugly? >> the good thing isis a trieso streamline the code by eliminating a lot of elections and exemptions. consolidatinsome m more people can file be short form and not worry about keeping -- >> 95% would be able to. >> i am wary on e 95%.. we will ave it on that. not same time, does change the progressive nature. it is about as progrgressive as before. however, within groups of people, income groups, there wille winners and losers. a lot of people are screaming year does they lose their benefit, they get back k and edt the action is not ththere. the ugly, senator schumer quite frankly said deaead on arrival. itit will lead to a lot of ranc. we cannot hieve tax reform with this president and this house. it is not ssible. >> i will weigh in withy views on it. i thin
to cut taxes to workers who don't have children. >> let's make this a year of action. >> reporter: following his state of the union, president obama is taking action with his 2015 budget, the people who would benefit low wage workers. for years it has only been workers with children who benefited from the earned income tax credit. under the president's proposal that tax break would expand to those without children. he wants to double a childless worker's tax credit to about $1,000 a year, to offset the cost of the new tax break, the president is proposing an end to an old tax break to the wealthy. that move is projected to garner some $60 billion over ten years. the president is also proposing full-time workers with kids get a bigger tax credit to cover child care costs. he wants to make preschool available for all four year olds. and the tax credit for college tuition, he wants to make that permanent. and proposing funding to upgrade aging highway systems across the country. the plan is expected to help 13.5 million americans. erika pitzi, al jazeera. >>> comes up on al jazeera a
of shutterstock. >> "market makers" is back in a couple of minutes. credit suisse in testimony over taxes. >> brady dougan is in the hot seat. ♪ >> live from bloomberg headquarters in new york, this "mark and make -- "market makers." inbuying more real estate puerto rico. we will tell you why this is track -- attracting a lot of attention and what it means for the economy. plane new republican tax promises to track taxes at just 25%. will a simple -- >> hollywood "house of cards." how the gains have changed. hollywood's biggest stars are out there lobbying for one-on-one. welcome back. i am stephanie ruhle. >> i am erik schatzker. it is 11:00 on wednesday. >> i want george clooney knocking on my door with the dvd and a bag of popcorn in his hands thank him let's watch this movie together. >> right now in washington, it is uncertain -- uncle sam versus switzerland. the subcommittee is holding a hearing today to give the u.s. government names of american citizens who might have used those swiss bank accounts to avoid taxes. senator john mccain caught -- called the inquiry a joke. he would
spent over $1.5 trillion which averages out to about $11.2 million tax dollars paid every hour by the american people. in today's national paper, the "usa today," and other headlines, the headline is this, "obama to karzai: time running out for security deal." madam speaker, based on recent polls this would be good news to the american people if we would not continue this relationship with afghanistan. it is nothing but an absolute waste of the taxpayers' money and the american people are sick and tired of it. a recent poll last week by gallup showed that almost 50% of the american people believe that the war in afghanistan was a mistake to start with. i can honestly say this. if it was not a mistake to start with, it's a mistake now that we continue to support and spend money on a corrupt leader named karzai. mr. speaker -- madam speaker, as i listen to the secretary of defense, chuck hagel, yesterday talk about the financial pressure on our military and the budget that he will be supporting that mr. obama has proposed, i wonder why we in congress are not allowed to debate on
is not olitical activity. here is no doubt a number of roups have abused their claims to the 501 tax-exempt status by engaging in political activity. this is not a right, but rather a responsibility. too many organizations have been claiming it as a way to avoid transparency and taxes. laster, i suggested the irs need to revisit these rules to provide greater clarity. as to what is considered a political activity for purposes of making a 501 designation, the rules proposed by the irs have attested to do just that in my opinion. i cannot say whether the irs struck the right balance, but i o know that they will take any and all concerns seriously though for finalizing them. however, this committee cannot help the irs and these reforms did we do not adequately fund gency. fiscal year 2014 appropriations gave the irs more than the sequester level, but the irs is still being funded at its lowest level since fiscal year 2008. if we care about the fair implementation of our tax laws, this is simply unacceptable. y'all know at this level of funding, every additional dollar even to the irs allows them to b
not been asked. i will cooperate in any way that i can if i am asked. stuart: have you achieved the tax status that you requested? stuart: you will not be intimidated in this year's midterm elections. >> we are intimidated by these new rules that have come out by the irs. these new rules will shut us down as a tea party group. stuart: really? they are significant enough to shut you down? >> absolutely. from now on, we cannot have debate or candidate forums within 60 days of a general election or 30 days of a primary. we cannot put anything in an e-mail, website, we can no longer do scorecards. this is the heart of what we do. it will jeopardize our tax status. stuart: becky, thank you for joining us. >> thank you for having me on. stuart: let's get to the markets. where are we? ninety-eight minutes. we did get some employment numbers. right now, virtually no movement. the record closes 1873. a couple of stocks that we are watching for you very carefully. we saw a lot of guns. it seems to me that the market is telling people want to buy weapons that can be concealed. >> yes. stuart: you
tax evasion which has gone up. we have to go after the tax debaters. we should have swiss cooperation to do that. will link to turn over the names except its government won't. shame on the government that won't let the banks turnover. >> you are going to retire soon. is this your legacy? >> no. we are going to hold another one on the other side. there will be more periods. not necessary in this subject. there will be other hearings, tax avoidance. >> you think u.s. bank regulators should revoke the charter of these banks? >> independently what it would be a question for the department of justice. not independent connection or cooperation with the department of justice. the law is pretty clear. you want to operate in the united states you have to abide by our rules. operating in switzerland we should abide by swiss rules. >> what about the ubs? >> we got some results. ubs model that we want the justice department to follow here, it is all models that involves using our tools, tools of grand juries, using salmons and subpoenas and indictments that then produces the results. otherwise it
. reagan was really the total, complete conservative. not just conservative on, you know, some issues, tax cuts and so forth, but on both social and economic issues. all right. so as ashley said, in this book i lay out 11 principles of reagan conservativism, and i don't know how i came up with 11 other than i just laid out these principles, and i stopped and counted, and there were 11. some people said, well, you should do ten. make it like the ten commandments -- well, i'd have to combine them. there aren't ten, there's 11. well, 12, 11 is an odd number. this is what i got. i got 11, and i don't want to combine any of them, so i've got 11 principles. all right, so here they are, and there will be a quiz at the end of this. [laughter] so make sure you take notes quick. actually, you have a cheat sheet in the book, right? and on c-span you've got a dvr, so you can rewind it. but i'll rattle them off quick. freedom, faith, family, sanctity and dignity of human life, american exceptionalism, the founders' wisdom and vision, lower taxes, limited government, peace through strength, anticommunis
of witnesses, treasury inspector general for tax appropriation. mr. george is a right of a witness was subcommittee, and we appreciate his careful and costs of oversight. we have not heard in some time for ms. olson, so we are especially eager to your former. as a matter of housekeeping and going to be following a five minute rule for the members. i don't plan on cutting in the woody off in the middle of their sentence, but if everybody can keep their questions and comments and get to that part of the program to five minutes that will give us a chance to hear from anybody and have maybe more than one round of questions. and going to recognize the members in order of seniority, those that were here when the gavel went down. for the latecomers we will recognize them based upon their arrival and will go back and forth between the parties. i think most of you know the 2014 appropriations cycle tested higher endurance. it was only asked to go after the fiscal year started and we and the government shut down of the budget committee came to an agreement on the discretionary spending. once
seeking tax exempt status. this after the inspector general found 298 applications had been singled out for special review including 100% of groups with tea party or patriot in their name, but only 30% of groups with progress or progressive. now republican congressman darrell issa, chair of the powerful house oversight committee wantslern s lerner to testify again wednesday. chairman issa, welcome back. >> thanks for covering what we believe is going to be a good fact finding hearing. >> well, let's talk about that. because when you recalled lois lerner under subpoena to testify again this coming wednesday, her lawyers said you you can call her, but she won't testify or answer any questions, continue to at that time fifttaat that t. >> her attorney indicates how that she will testify. we've been back and forth negotiation. wi believe the evidence we've gathered causes her in her best interests to testify. >> so lowislerner who took the fifth last may will testify before your committee? >> according to her attorney. >> this will be on wednesday? >> it will be on wednesday. >> what change
we'll dig into the president's budget. he's proposing new tax cuts to help with child care costs and support low-income workers. we'll talk to the top house democrat on the budget, congressman chris van hollen, right after the break. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪ at boeing, that's what building somthoughtful combinations,ut. artfully prepared. fancy feast elegant medleys. inspired dishes like primavera, florentine and tuscany. fancy feast. a medley of love, served daily. yeah? then how'd i get this... [ voice of dennis ] ...safe driving bonus check? every six months without an accident, allstate sends a check. silence. are you in good hands? bulldog: bulldog: [yawn] i just had a dream i was at mattress discounters with tempur-pedic and the largest selection of memory foam mattresses under one roof! icomfort, by serta... optimum, by posturepedic... ahh! comforpedic,
, according to the cbo, of revenue over five years. so it pays for itself. it is not a tax because it, it pays for itself only for those within the national flood insurance program. so if you're not in a flood zone and you don't have flood insurance, this doesn't affect you. but if you are in the flood insurance program and your primary residence you will pay a user fee to pay in the program of $25 a year. very reasonable. that will pay for the program. gerri: i got it tell you, 200 million over five years? that doesn't do anything over4 billion in debt the program is already n how will we pay that off? >> well it is still better than nothing. had we done nothing, there wouldn't be 165 million toward that debt. that is number one. second thing that number is not completely accurate. people don't tell you against the bill, every time there was ever a surplus in the flood insurance program, that surplus was raided and used for the general spending of government. you will always be at somewhat deficit keep raiding any year there is surplus. that is unone of the problems -- gerri: how long has it
one direction: up so we're up eay. up late. thinking up game-changing ideas, like this: dozens of tax fr zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, w opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at srt-upny.com what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. which will cause me to miss the end of the game. the x1 entertainment operating system lets your watch live tv anywhere. can i watch it in butterfly valley? sure. can i watch it in glimmering lake? yep. here, too. what about the dark castle? you call that defense?! come on! [ female anno
banks in particularly. american tax cheats spent million. >> a report if a senate investigative committee, leers in the making. if you go through the pages james bond has nothing on the swiss banks. some senators say it's too real. as much as $12 billion hidden away. secret and none taxed >> top officials of credit swiss called before a senate panel accused of helping 19,000 u.s. customers evade taxes. in testimony their c.e.o. was contrite. >> the management team regrets despite the leading industry compliant members, we had swiss bank private bankers who may have convened american law. >> he blamed is small group. their methods from cloak and dagger. bank statements were slipped into the pages of sports illustrated, a client where they never left grounds, a remote controlled elevato with no but jobles. and after each traction account statements shredded. >> the jig is up. >> senators want client names. bank officials say they are squeezed. >> do you think you'll be convicted in a swiss court. will the swiss government convict you if you comply with the laws. will you be prosec
had pushed infrastructure in 2009 instead of the failed obamacare. plan includes closing tax loopholes to help pay for projects. this is what they report in "wall street journal." lands to improve roads, bridges, and tunnels received a laid as president obama out a proposal for infrastructure upgrades, paid for by unspecified changes to the tax code. the question of how to pay for the work remains sticky. numbers of both parties have pointed to tax code changes as a financing source. the speaker of the house said we have to find funding mechanisms to fund our infrastructure needs. the hunt has been on for the last year to find the funding source. i wish i could report that we had found it, but we haven't. he also said that he and mr. obama discussed the country's infrastructure problems, but did not come to an agreement. mr. camp would raise money through a one-time tax on corporate overseas profits as part of a transition to a new international tax system. here is dave camp talking about his tax reform proposal. [video clip] >> we must enact real, meaningful tax reform. i am releasing
someone, he actually reformed the tax policy -- and i look a little pink. should i consider spray tanning? this is "bloomberg surveillance ." live from world headquarters in new york. friday before the oscars on sunday. scarlet fu can barely contain herself. joining me are scarlet fu and adam johnson. >> i've got to go by the chips and dip. >> the only problem is you have to be up at 2:00 a.m. monday morning. time for the morning brief. what happened overnight. ecb president mario draghi said policymakers are committed to defending the euro area against inflation. this was in a speech late yesterday in frankfurt. in the u.k., home prices rose as the property market got a boost from low borrowing costs and easier access to mortgages. in italy, the unemployment rate rose to a record high in january. shifting over to japan, industrial production grew the most since 2011 indicating the economy is strengthening. jumble. of data but a all thisrning we got data. starting at 8:30 a.m., gdp. at gdp so look we get in theory they refined any little bit. also, personal consumption -- consumpt
of conservative groups seeking tax exempt status. this after the treasury department found 298 applications had been singled out for special review including 100% of groups with tea party or patriot in their name but only 30% of groups with progress or progressive. now republican congressman darrell issa, chair of the house oversight committee wants lernor to testify again wednesday based on new information he has. chairman, welcome back to "fox news sunday." >> thanks for having me back and for covering what we believe is going to be a good fact finding hearing. >> all right. let's talk about that. when you recall low he ed lois o testify, her lawyers said can you call her but she is not going to answer any questions. i understand you have late breaking news. >> we do. her attorney indicates now that she will testify. we've had a back and forth negotiation. but quite frankly, we believe that evidence that we've gathered causes her in her best interest to be summoned to testify. >> lois lernor will testify before your committee? >> according to her attorney. >> this will be on wednesday? >> wed
argued that the task code -- tax code is riddled with complicate loopholes that make it harder to invest here and encourage companies to keep profits abroad. last summer i offered a proposed -- proposal to couple business tax reform with critical investments in infrastructure. this budget includes that proposal using the transition revenue that will result from a shift to a simpler, more efficient tax code to create rebounding -- jobs rebounding, our roads and bridges and unclogging our communities. because in today's global conomy, first class jobs dwravetate to first class infrastructure -- gravitate to first class infrastructure and at times this budget lays out how mied a strailings will continue to act it cut red tape and stream line the permitting process for key projects so we can get more construction workers on the jobs as fast as possible. also have the chance right now to beat other countries in the race for the next wave of high-tech manufacturing jobs. my administration has already launched four hubs of high-tech manufacturing where we connect to businesses to research unive
and railroads and mass transit. it provides more money for job training and preschool and it expands tax credits for an estimated 13.5 million low-income workers and it increases taxes more than $650 billion on higher-income americans and it adds $56 billion in fees for big banks. there are also tax increases for tobacco products and airline passengers. the president's plan in print form arrived up on capitol hill this morning -- this morning. congress prefers to do the budgeting itself, so it's not like whatever the president sent would be accepted but it can be seen as a starting point in the debate over the nation's spending priorities, yet rather than a lot of new ideas in these budget books, critics suggest it's more of the same. the republicans say the president's 2015 budget spends, borrows, and taxes too much, neil? >> michael, thank you. it is ironic right now that all of this is going down on fat tuesday, good reason to party in new orleans, maybe, but minnesota republican congresswoman michele bachmann says no reason to celebrate in washington, so congressman, the bottom line is the p
, totaling almost $4 trillion. it includes new tax hikes to offset additional spending for education and job-training. but republicans say it does nothing to address the nation's fiscal challenges. we'll discuss its approach to helping low income americans, later in the program. israeli prime minister benjamin netanyahu is warning the u.s. and the world against letting iran go ahead with any part of its nuclear program: he spoke in washington, a day after meeting with president obama. >> the leading powers of the world are talking about leaving iran with the capability to enrich uranium. i hope they don't do that because that would be a grave error. it would leave iran as a threshold nuclear power. >> woodruff: netanyahu also said that far from easing sanctions on iran, the world should increase them. he also urged the palestinians to recognize israel as a jewish state, if they really want peace. the process of removing syria's chemical weapons is picking up pace. the dutch diplomat overseeing the operation said today the assad regime has handed over six shipments of toxic agents. she spoke
's efforts to dodge the tax man. a hearing will feature top officials from the justice department. peter cook has got the details. credit suisse is about to have a very highlighted moment in the congressional spotlight. i cannot believe this is welcome to them. >> an unwelcome moment, to be sure. as you just detailed, four top executives at credit suisse will find themselves on the hot seat. about what they knew about the efforts to avoid paying taxes and what they have been doing at the bank to clean it up ever since. the report assembled by the staff of the senate's permanent subcommittee includes they employed a range of banking practices that facilitated tax evasion by u.s. customers. they had 22,000 customers with swiss accounts with $10 billion to $12 billion. the vast majority was undeclared to the irs. the investigation details the lengths to which the bank tried to shield its american customers. swiss bankers flew to the u.s. sometimes on tourist visas to recruit new clients. the bank helped create shell accounts to hide identities and even opened a branch office in the zÜrich airpo
anything about it. well the same could be said about tax reform. everybody talks about it but no one does anything about it and for good reason. virtually every proposal put on the table gets just sliced to pieces by those who claim they want reform but it truly want only to protect their own tax status. congressman dave camp 067 michigan presented this tax reform proposal this week that immediately had some conservatives and some liberals all aflitter with criticism. the chairman's plan would simplify the tax code and make it so that 95% of passenger pairs would be able to do a short term tax form. it would lower rates but in exchange it would end some current deductions. most conservatives like to lower rates wu not ending the deductions. some have even condemned the plan for not having spending cuts. but let's be fair, the ways and means kmee that congressman camp chairs doesn't handle spending. the appropriations committee does that. his committee's responsibility isn't how to decide how to spend the money, just figure out how to get the money that we spend. personally i still prefer
in congress or pay federal income tax. it has taken a backseat to the crisis front and center and puerto rico is in trouble and many that can are leaving. it has been nearly five years since making the leap of her life from puerto rico to virginia. >> i was a graphic design professional on the island. i had an apartment. my family close by and clients and so forth. >> today she owns a flooring company with her husband. she says a drying up economy left them no choice but to leave. >> we could see criminality was rising and the buildings were run down. >> one of the thousands educated puerto ricoians that left the island for work. >> in a lot of the businesses in the main avenues a lot of homes for sale. these are like in very nice neighborhoods and stay for sale for a long time and you see the grass growing and the trees and all of a sudden it is like the property is abandoned and this is it, either i move or i'm going to lose what i have here. >> for aech -- each of the for sale signs, junk status. that is the debt equal to more than 90% of the island's gross domestic product and the per cap
. it lays out how and where your tax dollars get raised and spent. president obama would like more of those dollars to go towards road construction, job training and preschool education next year. he wants to expand a tax break for lower income workers, and he wants to take away a tax break currently enjoyed by high-ear high-earning hedge fund types who earn most of their income from fees they charge investors. that's all i'm going to tell you at the moment about what is in this budget. instead, i want to you focus on what is wrong with the entire budget process in washington. formerly presidents present a budget to congress. president obama is a month late, but that's the least of the problems. then congress develops it's own version of the budget, and they vote on it by april 15th, sending it back to the president to be signed into law by then. this has not happened in years. keep in mind appropriating money to pay for things is the one thing that constitution actually requires congress to do. everything else is optional. there is a problem, unlike good wine, a federal budget does not get
so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com a >> live from america's news headquarters i am kelly wright. ukraine is on the brink of disaster the leader says. the appeal comes as 6,000 russian troops move into the peninsula. the u.s. and six g-8 partners condemning russia for their actions. they are suspending action for the g-8 summit this june in sochi. john kerry traveling to kiev for meetings with officials. many expecting a messy commute monday morning as the latest winter storm unleashes the fury on the region. the snow not falling in washington yet but the federal government is closed for the day. the supreme court will hear case arguments. the city expecting 8-12 inches w of snow. i am kel lie wrig headlines, log online fox news.com. >>> this weekend
president obama today said he's going to get rid of the most outrageous tax loophole in america. will he actually do it this year? jeanne moos shows us the latest workout trend. >> nice job, nice job. there's this kid. coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. her. them. phone: your account is already paid in full. oh, well in that case, back to vacation mode. ♪boots and pants and boots and pants♪ ♪and boots and pants and boots and pants♪ ♪and boots and pants... voice-enabled bill pay. just a tap away on the geico app. ♪ huh, 15 minutes could save you 15% or more on car insurance. yup, everybody knows that. well, did you know that some owls aren't that wise. don't forget about i'm having brunch with meagan tomorrow. who? seriou
and their war on the 1%. they want to close a major tax loophole and wall street fighting back tonight. >>> plus, spike lee fired up, the film director unleashing a seven minute rant about race and real estate. the man who sparked the tirade. >>> breaking news out of arizona. the government expected to i can ma a major announcement about a bill that critics call anti-gay. let's go "out front." >>> breaking news. much anticipated announcement from the arizona governor's office tonight. governor jan brewer will speak in this hour about the con throw versal religious freedom bill as it's called that's been sitting on her if he desk. it would allow businesses to refuse services to gays. we've been following that story from phoenix. miguel, what's the reaction from people you're talking to tonight? >> reporter: the reaction is that the governor has now decided to make a statement in 45 minutes, 7:45 eastern time governor brewer will in her office make a statement regarding sb 1062. we have every expectation, as we have for a couple of days now, that she will veto that bill. the pressure from not only
writing about. this week is the new republican tax proposal coming specifically from congressman dave camp. and i got to tell you from my perspective, i was not expecting much from this proposal. i was expecting a lot more, you know, let's find an excuse to lower taxes on the rich and possibly raise them on the poor. i was really surprised by how serious this proposal was, how well thought out, the analysis done so far show it is it actually raises overall the tax burden a bit on the wealthy and lowers it in particular on the middle class. and overall, basically keeps the existing progress siivity of th tax company. i know there is stuff you and i don't love, but this is a serious proposal. do you think that we should use this as the basis to start negotiations on reforming our tax code? >> i personally think that it would be -- it would kind of scramble the politics for the mid it terms and also be a good idea on the merits for democrats to actually try to engage in the bill because it actually gets in to the mayor rove trrow of the actually try to engage in the bill because it actually g
tanks -- bangs on the firing line. today was credit suisse's turn to answer. showedt 200 pages worth tax evasion. is match as $10 million was hidden assets. the vast majority of accounts were shielded from the irs. >> that brought the ceo and other top executives at swiss holes of the congress. books are investigation chronicles the uneven and halting progress made in identifying u.s. taxpayers who cheated uncle sam by using offshore accounts. a bipartisan report that we're releasing today sites chapter and verse the failure to collect taxes owed and hold accountable the u.s. persons who evaded their tax obligations and the tax havens who helped them. we learned of one swiss anchor who met with the u.s. client over breakfast that he was luxury hotel and slept the client bank account statements in between the pages of a sports illustrated magazine. instanceslarming belong in a spy novel, not at one of the world's top tanks. betweensay your call two countries laws, but when you come to this country, you send bankers into the united states, set up an office in the united states, help u.s. c
. that is a failure on the democratic side and i am a democrat. they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that we have moved from washington being net negative on the economic recovery, maybe the neutral. that can be a positive aspect. a number of members will press on when we will see some additional relaxation and quantitative easing. >> is that what you're going to ask? are those the questions you'll ask? >> by the time they get down to me, i'm sure that they will be asked. one of the areas that i want to highlight is one of the coming fiscal crisis that we have to get ahead of her. we have now had a true billion dollars in student debt that exceeds credit card debt. we are starting to see the price diminish state and the federal support. with the rising college costs, we bought that off with debt. that is coming to a
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